Oil & Energy

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It's all doom and gloom for the Gulfi dream as the GCC are bracing for tough times with vital oil revenues falling rapidly. (Image: Gulf man expreses grief via Shutterstock)
December 24, 2014 - 10:38 GMT
Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.

October 9, 2014

Saeed Khoory, Chief Executive Officer of ENOC, signs the five-year contract with Mohamed Abdullah Al Jarmen, General Manager of Emirates Transport, for staff transportation
09:44 GMT
(press release)

Emirates National Oil Company has awarded a five-year staff transportation contract valued at AED 50 million to Emirates Transport Company, a UAE Government entity focused on providing the best-in-class transport services.

October 8, 2014

Crude oil prices fell as signs of weak demand for petroleum and ample supply continued to push prices toward multi-month lows.US crude oil output has jumped more than 3 million bpd since 2010 at a time when sluggish global economic growth and improving efficiency have depressed the growth in demand for oil.
13:59 GMT

What is happening in oil markets represents “the impact of this tremendous surge in US oil production”

After the deal closes in November, Chevron Canada will remain the operator and will hold a 70 per cent interest in the project.
05:55 GMT

“It’s simply a funding source that historically Chevron would not have looked at, but they are spending a lot on developing LNG and offshore so are looking at monetizing some of their assets sooner than they normally would.”

October 7, 2014

Service contracts stay within the limits of Kuwait’s constitution, which ban foreign firms from oil production in the Gulf OPEC crude exporter.
05:55 GMT

Service contracts stay within the limits of Kuwait’s constitution, which ban foreign firms from oil production in the Gulf OPEC crude exporter.

October 6, 2014

The initial results for the 3-D survey were very encouraging, according to the British-based company Spectrum, which conducted the operation over 3,000 square meters off the southern Lebanese coast.
22:43 GMT

The U.S. Company NEOS Geo Solutions, which signed a contract with the ministry of energy in January, flew one of its planes equipped with sensors over the Bekaa Valley in clear weather.

Egypt's debts to foreign energy firms operating in the country increased after the political turmoil which followed the 2011 revolution.
14:50 GMT

Last week, the petroleum minister announced that the government had paid $1.5 billion of its arrears to energy companies.

October 5, 2014

IMF Managing Director Christine Lagarde speaks at Georgetown University in Washington on Oct. 2, 2014 ahead of the annual IMF/WB meetings. (AFP/Nicholas Kamm)
08:38 GMT

IMF managing director Christine Lagarde warned of the fragile recovery of the global economy and the effects of the turmoil in the Middle East, especially the war against ISIS and the instability of Iraq and Syria, which could trigger higher global oil prices.

October 2, 2014

With oil prices continuing to slide, the pressure is building on the Organization of the Petroleum Exporting Countries (Opec) to reduce output at its meeting next month.
14:43 GMT

"Opec appears to be gearing up for a price war."...."I think Brent will fall below $88 before we see the bottom of the market."

During the inauguration
09:15 GMT
(press release)

EQUATE Petrochemical Company, Kuwait’s first private sector petrochemical company, inaugurated its petrochemical plant at Kidzania Kuwait, making it the world's first petrochemical company to participate in KidZania.

Mr. Abdulla Hassan Al Noman, Manager, Retail Sales Operations at Emarat
08:25 GMT

Emirates General Petroleum Corporation “Emarat” has launched a new promotional offer, giving its customers a chance to get a discount of AED 20 on the steam Wash for their vehicles, at any service station that provides this service.

Storing gas also gets momentum when other factors come to the fore: Economic support, safe margins in meeting country’s domestic gas needs, the half-depletion of oil reserves, etc.
04:55 GMT

Shourijeh will turn Iran into the greatest gas storage hub in the Middle East, and one of countries with underground storage facilities of natural gas

October 1, 2014

Saudi Arabia is the second-largest petroleum exporter to the US, but as domestic production increases in America, less is needed from abroad.Saudi Arabia is the largest exporter of petroleum liquids in the world and is home to the world’s largest proven crude oil reserves, 16 percent of the world’s total.
12:52 GMT

The shale oil boom in the US began in 2008 and has increased US crude output by 60 percent

Abdulrahman Qasim Al Ali during signing the agreement with Haroon Al-Amri in presence of Ali Ibrahim and Muntasir  Al-Amri
11:26 GMT

Emirates General Petroleum Corporation "Emarat", recently took an important step in expanding its international expansion network which was established to market the Corporation's high quality oils products.

September 30, 2014

 Global supply of crude oil and liquid fuel reached all-time highs of 92.6 million barrels per day in August. Stable oil producers.
11:46 GMT

A key differential factor in this period in that ‎volatile producers in Africa and the Middle East experienced a spike in production.

Students of University of Wollongong – Chinese Campus with officials of EMGAS in Dubai
11:21 GMT
(press release)

Emirates Gas, a subsidiary of the Emirates National Oil Company, hosted a delegation of students from the University of Wollongong – Chinese Campus to educate them on the operations, products and services of EMGAS.